The present invention relates to a cutting insert for chip removing machining. The cutting insert has a substantially circular cutting edge formed at a transition between an upper side and an edge surface of the cutting insert. The upper side includes a chip surface including at least one chip breaker portion and the edge surface includes a clearance surface having an arrangement for indexing the cutting insert. The chip breaker portion is provided at varying distance from the associated cutting edge. The arrangement is provided in a position relative to a reference line or axis of the tool in order to orient the chip breaker portion in the chip surface to a desired position.